Roseland Design borrowed $700,000 on a 90 day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360 day year is used for interest calculations)

Required:

(1) Journalize Roseland's entries record:

a) The issuance of the note.

b) The payment of the note at maturity

(2)

a) The receipt of the note.

b) The receipt of the payment of the note at maturity.

Can you please use Excel for the answer and be specific.